Records Rs. 354 MN PAT in its first quarter Hela Apparel Holdings PLC recorded an impressive start to the financial year, with revenue growing by 114% year-on-year to Rs. 24.5 Bn in the first quarter. The significant growth was partly driven by the depreciation of the rupee during this period, while the Group’s underlying US…
Reuters – Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to ‘D’, representing default, following missed interest and principal payments. The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst…
Forward looking, expected credit loss related macro-economic indicators necessitate impairment provisioning of Rs 35.2 Bn. for 6 months; Rs 29.3 Bn. for Q2 alone Revenue grows 49.52% and 66.41% in 1H and Q2 respectively Total assets up 21.17% to Rs 2.4 Tn. Loan book grows by Rs 205 Bn., deposits by Rs 284 Bn. in…
CNBC – India’s best-known stock investor Rakesh Jhunjhunwala, dubbed the country’s Warren Buffett, died on Sunday (14), prompting an outpouring of tributes for a self-made billionaire whose fortunes rose with the country’s economy. Jhunjhunwala died at the age of 62, a week after the launch of his budget airline, Akasa Air. He had looked and…
Total Operating income doubles to Rs LKR 63.3 Bn Impairment for 1H exceeds Rs 40 Bn Net Stage III loan ratio improves to 2.46% Tier I capital ratio at 11.39% and total capital ratio at 14.54% Liquid Coverage ratio at 210% well above statutory minimum of 90% HNB Group recorded…
The US$ 400 million+ ITC One Colombo project, which comprises of the Sapphire Residences residential tower and super luxury ITC hotel, is creating history by recording many firsts in Sri Lanka and is on course to be completed in 2023. The majestic 50-storey Sapphire Residences tower and the parallel 30-storey high super luxury ITC hotel…
Anchored through a heritage of excellence spanning over 150 years with diversified business operations across 8 countries, Aitken Spence PLC reported a strong performance during the Q1 that ended 30th June 2022. The conglomerate recorded a significant increase on its profit before tax (PBT) of Rs. 7.2 billion compared to a loss of Rs. 467…
By Prof. Samitha Hettige Sri Lanka approaching the IMF and the World Bank and the recommendations which followed indicating SL should work closely with China is being widely discussed at present. Bangladesh which supported SL during the recent months is the latest South Asian nation to approach the IMF for assistance to recover from the…
From 5th to 2nd position in the market in 5 years Gross Written Premium of Rs. 11.4 Bn with an increase in top-line growth of 24% Market share of 17.1% as of 30th June 2022 Top-line growth of 24% vs an overall industry growth of 18.7% Profit After Tax rose to Rs. 1.2 Bn with…
Under the Sri Lanka Tourism Promotion Bureau’s Visiting Journalists & Blogger Programs, a group of high-profile Indian media delegations was invited to Sri Lanka from 3rd July to 11th July 2022 to re-discover Indo-Sri Lanka historical relationships within two nations. A total of 08 members of the delegation represent several key states & cities of…
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